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The modest risk-off theme amid weaker.........>

FOREX
FOREX: The modest risk-off theme amid weaker regional equity markets pressured
overnight, despite this the dollar was broadly unchanged from Friday's close in
New York and held to fairly narrow ranges. Broad-based dollar selling pressure
emerged into Europe, Usd/Jpy moved through the Asia low with ease, touched
pullback lows of Y111.16 before dip buyers cushioned falls. Fast money sellers
in Eur-Yen had pressured through Y133.00 to Y132.72 overnight. However, the
cross witnessed an uneventful European session and largely consolidated between
Y132.70-92. Eur/Usd moved through the Asia high ($1.1944), squeezed to $1.1957
before fading. Sterling retained an underlying buoyant tone, cable holds near
the peak of its $1.3310-53 morning range, Eur-stg last stg0.8940. Quiet on the
calendar today but this should pick up towards the end of the week, along with
mth-end flow the full Senate is expected to vote on the Tax Reform Bill. Should
the bill get through it would still need reconciling between both houses which
could provide a stumbling block going forward.

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